So, you own a property maybe as an investment property or maybe you fall into that category of an accidental landlord? Either way you are considering professional property management and evaluating the pros and cons. Lets take a deeper dive into that an unveil what many owners forget to consider.
Property managers do not just manage a property; they manage the tenant as well. These involve two totally different dynamics. Yes, they come together in the end but getting the best outcome for both sides of that equation takes experience, people, and processes. Let us separate what I am referring to. Property management includes maintenance, repair coordination, inspections, and leasing. All these items are done without a tenant in place and are performed as part of daily management of the actual property. When a work order occurs that Is owner responsibility when its vacant or occupied a team coordinates that work to be done by a vendor and ensures the issue has been resolved in a timely manner. Routine inspections are to insure the property is taken care of while leasing involves showing a vacant property. There is also accounting and reporting aspects of the property that also has nothing to do directly with the tenant management piece.
Now let us talk about tenant management and what that might involve. This will include processing the application, the move in, rent collection, lease enforcement, tenant responsibilities with work orders, compliance with property standards, work order coordination with the vendor, renewals, and relationship building. Think of it this way; the tenant is the customer paying for the services (the property rent). The property management team is the customer service department making sure everything is taken care of. You as the owner of the property are the CEO. We the property managers take care of the customer to make sure they are happy to keep buying our services and paying us monthly and taking care of the property. Without great tenant managers in place the whole experience can go south quickly and cost you money on your investment.
If you are interviewing property managers or have properties currently managed that are under performing give us a chance. We have a dedicated team to make sure you as well as your residents in the home receive a 5-star experience from start to finish. It is not as easy as collecting rent. Look at the 100’s of 5-star reviews from our tenants on Google. Without great tenants and tenant management there is no need for a property manager. Are your tenants getting the best?